Insurance for Property Owners
Insurance options for landlords and owners of residential, commercial and mixed-use property.
Industry overview
Owning property for income brings responsibilities to tenants, neighbours and lenders. Damage to the building, loss of rent or a claim from someone injured on the premises can affect your return.
Residential and commercial property are usually insured under different types of policies. A broker can help you understand which options may suit each property you own.
Common business risks
Storm, fire and water damage
Weather events and burst pipes can cause significant damage to a building. Older properties may need specialised repairs.
Loss of rental income
If a property cannot be occupied after damage, rent may stop while costs such as loan repayments continue.
Tenant damage
Accidental or malicious damage by tenants can lead to repair bills beyond the bond. Policies treat these events differently.
Injury to visitors
Owners may be held responsible for injuries caused by poorly maintained stairs, paths or common areas.
Underinsurance
Rebuilding costs can rise over time. If the sum insured is too low, you may need to fund part of the rebuild yourself.
Insurance commonly considered
Businesses in this sector often look at the following types of cover. What suits you depends on your operations, contracts and assets.
- Landlord InsuranceOwners of residential rental properties may consider landlord cover for building damage, tenant-related risks and loss of rent, subject to policy terms.
- Commercial Property InsuranceOwners of shops, offices and industrial units often insure the building under a commercial property policy.
- Public & Product Liability InsuranceProperty owners can be held responsible for injuries on their premises, and liability cover may help with these claims.
- Home & Contents InsuranceOwners who live in one property and rent another may need separate cover for their own home and belongings.
- Business Interruption InsuranceCommercial landlords may look at cover for loss of rent where an insured event makes the building unusable.
Risk management considerations
- 1Have a rebuilding cost estimate done periodically, especially for older or heritage properties.
- 2Arrange regular inspections and keep written records with photos.
- 3Attend to maintenance issues such as gutters, roofs and loose handrails promptly.
- 4Screen tenants carefully and use a written lease with clear condition reports.
- 5Check that commercial tenants hold the insurance required under their lease.
- 6Let your broker know if a property becomes vacant or changes use, as this can affect cover.
Why broker support helps
Property owners often hold several properties with different uses, lenders and renewal dates. A broker can help keep your policies organised and check that each one reflects the current use of the property.
After damage, a broker can help you work through the claim process with the insurer and coordinate the information needed for repairs and any rent loss.
Frequently asked questions
Is landlord insurance different from home insurance?
Yes. Home insurance is designed for owner-occupied homes, while landlord insurance may include features relating to tenants and rental income. Using the wrong type of policy can affect a claim, so it is worth confirming the property's use with your insurer or broker.
Does landlord insurance cover unpaid rent?
Some landlord policies include cover for rent default, often with conditions, limits and waiting periods. Others do not offer it. The policy wording explains what applies.
What happens if my property is vacant?
Many policies have conditions or reduced cover once a property has been unoccupied for a set period. Telling your insurer or broker about a vacancy helps you understand the options.
How do I work out the right sum insured?
The sum insured for a building is usually based on the cost to rebuild, including demolition and professional fees, rather than the market value. A rebuilding cost calculator or a professional estimate can help.
Talk to us about insurance for your business.
Tell us how your business operates and we'll discuss the types of cover that may be relevant.